Stock Picks for July 2, 2013: $BBY, $WYNN, $GS, $GPS

Let’s get right to it…

$BBY:  This stock broke out of a Bollinger Band with solid volume.  In addition, we are above the moving averages, oscillators are turning up, and RSI is at a healthy level.  I’m planning on getting in after the first 15min.  Now, please be warned, I am not experienced with Fibonacci retracements or extensions, but here is my crack at it.  I see a target of 31.61 and I plan on putting my stop below the first 15min candle. BBY_JULY_2_2013

$WYNN:  I believe we are in the midst of a bullish flag.  Note that volume has been declining.  I like getting in short on a close below 127.30.  My first target is 125 while the second is 121.77.  Stop is TBD.WYNN_JULY_2_2013

$GS:  This one seems to be shaping up into a sort of pennant.  I like this one short on a close below 150.70.  Target is 146.35.  I know we could also break bullish, but in that case we would already have to break above the 50 SMA.  We’ll see where we close, but right now my focus is on a bearish move.  Notice that volume has been decreasing in this pennant.  GS_JULY_2_2013

$GPS:  Last but not least, we have $GPS.  Interestingly, this is setting up very similar to BBY.  However, the volume was not as strong, so I’m not as convinced about this one, but it’s certainly worth keeping an eye on.  Again, I made an attempt at a fibonacci extension, so my first target is 44.60.  My stop will be below the first 15min candle.  Please let me know if you have any questions or comments on the fib lines that I drew.  GPS_JULY_2_2013

That about wraps it up.  Good night all, and as always, good luck!

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